By Philippine News Agency
A lawmaker appealed to the Bureau of Internal Revenue (BIR) to consider granting tax credits to supermarkets and other retail outlets required to give price cuts in conjunction with the implementation of the higher monthly discounts on essential grocery items purchased by senior citizens and persons with disabilities (PWDs).
Camarines Sur Rep. Luis Raymund Villafuerte Jr. said granting tax breaks or deductions to supermarkets and other retail stores would ensure greater compliance with the expanded discount scheme, which hiked the weekly cap covered by the 5-percent discount from PHP1,300 to PHP2,500.
“Such a tax break would spell financial relief for them—and help ensure their greater compliance with this new House-initiated economic benefit for our seniors and PWDs in the face of the ever-spiraling cost of basic commodities,” Villafuerte said in a statement.
Villafuerte said full compliance with this new policy would be impactful, especially with the recently approved price increases in about 40 basic necessities and prime commodities (BNPCs), including instant noodles, soap, and bottled water
“If the BIR does not consider granting tax credits to retail outlets, there is a greater possibility for supermarkets or grocery stores to ignore this would-be policy or jack up the prices of their BNPC.
READ the full story HERE.
